8/15/12 1:29 PM EDT

A 2010 exchange between President Obama and Paul Ryan — then the top Republican on the House Budget committee — foreshadowed this week's campaign trail brawl over Medicare.

Obama, speaking at the House GOP retreat in Baltimore, said that any change to Medicare by either Democrats or Republicans would undoubtedly provoked a furious response from the other side — with the president lamenting the inevitable political back and forth.

"There is a political vulnerability to doing anything that tinkers with Medicare," Obama said, referring to Ryan's proposal to make Medicare into a voucher system for future retirees.

He continued:

"We're not going to be able to do anything about any of these entitlements if what we do is characterize whatever proposals are put out there as 'well, the other party's being irresponsible. The other party is trying to hurt our senior citizens,'" Obama said.

"If we're gonna frame these debates in ways that allow us to solve them, then we can't start off by figuring out a.) who's to blame and b.) how can we make the American people afraid of the other side?" Obama said.

But in the heat of a presidential campaign, both sides have a Medicare vulnerability — and each campaign is now eager to exploit it.

The Obama administration found more than $700 billion in savings to Medicare pay for the president's health care plan, while Ryan has promised to fundamentally transform the system for future retirees.

Obama's campaign ads today hit Mitt Romney and Ryan hard for Ryan's Medicare proposals — accusing them of dismantling the current program, all while Romney has promised to put the $700 billion back into the system.

"Gov. Romney and Congressman Ryan have put forward a plan that doesn't promote Medicare solvency, it dismantles the program and would force seniors to pay thousands out of pocket for their health care costs," Obama spokesman Ben LaBolt said Wednesday. "The president, on the other hand, doesn't just talk about Medicare solvency - he actually did something, and he did it in a way that enhances seniors’ benefits. President Obama extended the solvency of Medicare by 8 years by passing the Affordable Care Act, and his budget would add another two years to its lifetime."